FTX and Ledn are in a battle for getting the stakes in BlockFi

Both prominent crypto exchange FTX and crypto lender Ledn have reportedly entered the race for a stake in the troubled crypto lender BlockFi.

ftx-and-ledn-look-to-stake-in-blockfi
Blockfi

There are certain reports about the ongoing negotiations between BlockFi and FTX. According to various unrevealed sources, FTX is close to completing a term sheet to buy BlockFi for USD 25m and a deal is anticipated to be signed by the end of this week. In March, the lender valued approximately USD 3bn.

Regardless, Zac Prince, CEO of BlockFi, said that they aren’t being sold for USD 25m.

Also Read, Crypto.com to allow crypto purchases on Apple pay

Meanwhile, per undisclosed sources, Ledn would conduct a funding round of up to USD 400m  and equip a USD 50m equity grant that would give Ledn a substantial portion of the company. Other investors would contain ParaFi Capital. 

Ledn CEO Adam Reeds confirmed that the firm is currently evaluating a number of options to broaden its leadership in digital asset lending and beyond. Other active companies refused to comment on the matter.


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